ELIMINATION & ADJUSTMENTS ENTRIES

CV

CY1

CY2

EL

Investment in Subsidary
Retained Earnings-P

Debit
x

Subsidary Income
Investment in Subsidary

Subsidary Income
Dividends declared- S

Common Stock-S
Paid in Capital-S
Retained Earnings-S
Investment in Subsidary

x
x
x

D/NCI Goodwill

x
x

Investment in Subsidiary
Retained Earnings-S
OR
Retained Earnings-P
Equipment
Patent
Retained Earnings-S
Investment in Subsidary
NCI (Retained Earnings-S)
A

IS

x
x

x
x
x
x
x
x

Retained Earnings-P
Retained Earnings-S
Depreciation Expense
Accu. Dep'n-Equipment
Accu. Dep'n- Patent

x
x
x

Sales

x
x

COGS
IA

BI

Credit

Accounts Payables
Accounts Receivables

Retained Earnings-P
Retained Earnings-S

x
x

COGS
B

B1

Bonds Payable
Premium on Bonds Payable
Investment in Parent's Bonds
Gain on Retirement of Bonds

x
x

Bonds Payable

Investment in Bonds
Discount on Bonds
Interest Revenue
Interest Expense
Retained Earnings-P
Retained Earnings-S
LN1

LN2

x
x

x
x
x
x
x
x

Notes/Mortgage Payable
Notes/Mortgage Receivable
Interest Payable
Interest Receivable

Interest Revenue

x
x
x

Interest Expense
F1

Retained Earnings-P
Accu. Dep'n

x
x
x

Equipment
F2

Accu. Dep.- Equipment

Depreciation Expense

x
x
x